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Creative accounting measures are often aimed at reducing gearing,Which of these is NOT a measure which can be used to reduce (or not increase) gearing?

A. Renegotiating a loan to secure a lower interest rate
B. Treating a lease as a short-term rental agreement
C. Repaying a loan just before the year end and taking it out again at the beginning of the next year
D. 'Selling' an asset under a sale and leaseback agreement

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If a company wished to maintain the carrying amount in the financial statements of its non-current assets, which of the following would it be unlikely to do?

A. Enter into a sale and short-term leaseback
B. Account for asset-based government grants using the deferral method
C. Revalue its properties
D. Change the depreciation method for new asset acquisitions from 25% reducing balance to ten years straight line

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Trent uses the formula: (trade receivables at year end/revenue for the year) x 365 to calculate how long on average (in days) its customers take to pay.Which of the following would NOT affect the correctness of the above calculation of the average number of days a customer takes to pay?

A. Trent experiences considerable seasonal trading
B. Trent makes a number of cash sales through retail outlets
C. Reported revenue does not include a 15% sales tax whereas the receivables do include the tax
D. Trent factors with recourse the receivable of its largest customer

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Magenta Ltd has a current ratio of 1.5, a quick ratio of 0.4 and a positive cash balance. If it purchases inventory on credit, what is the effect on these ratios?

A. Current ratio decrease and Quick ratio decrease
B. Current ratio decrease and Quick ratio increase
Current ratio increase and Quick ratio decrease
D. Current ratio increase and Quick ratio increase

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The process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB?

A. Publication of an Exposure Draft
B. Establishment of an Advisory Committee
Consultation with the Advisory Committee
D. Issue of a final IFRS

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Creative accounting measures are often aimed at reducing gearing,Which of these is NOT a measure which can be used to reduce (or not increase) gearing?

A. Renegotiating a loan to secure a lower interest rate B. Treating a lease as a short-term rental agreement C. Repaying a loan just before the year end and taking it out again at the beginning of the next year D. 'Selling' an asset under a sale and leaseback agreement

If a company wished to maintain the carrying amount in the financial statements of its non-current assets, which of the following would it be unlikely to do?

Trent uses the formula: (trade receivables at year end/revenue for the year) x 365 to calculate how long on average (in days) its customers take to pay.Which of the following would NOT affect the correctness of the above calculation of the average number of days a customer takes to pay?

Magenta Ltd has a current ratio of 1.5, a quick ratio of 0.4 and a positive cash balance. If it purchases inventory on credit, what is the effect on these ratios?

The process for developing an International Financial Reporting Standard involves a number of stages. Following receipt and review of comments on a Discussion Paper, what will be the next step undertaken by the IASB?

A. Renegotiating a loan to secure a lower interest rate
B. Treating a lease as a short-term rental agreement
C. Repaying a loan just before the year end and taking it out again at the beginning of the next year
D. 'Selling' an asset under a sale and leaseback agreement